India’s government must bite the bullet on PSU divestment

Long before the Indian middle class was taken in by the frenzy of the stock market, any sale of shares by the government in state-owned enterprises was construed as ‘selling family jewels to buy groceries.’ Perhaps there was a grain of truth in the statement, as money earned from such a transaction would be quickly gobbled up by the state. Those were different times. Today, no one - be it retail investors, foreign portfolio managers, local